| Description |
1 online resource (xiii, 146 pages) : illustrations (black and white) |
| Contents |
Chapter 1: Target: An obscure aspect of the Eurosystem -- Chapter 2: The Target credit -- Chapter 3: Current account, capital movements and Target balances -- Chapter 4: The cash balance -- Chapter 5: How the Target balances came about: the first phase of the crisis -- Chapter 6: The case of Greece -- Chapter 7: External crowds out internal money -- Chapter 8: The QE program and the Target balances -- Chapter 9: The rate of interest on Target balances -- Chapter 10: Interest spreads and tiering -- Chapter 11: The Corona Crisis -- Chapter 12: The risks of Target and cash balances -- Chapter 13: Conclusions and policy recommendations |
| Summary |
"Target balances are the largest single item in some of the balance sheets of the Eurosystem's national central banks (NCBs), and yet very little is known about them by the general public and even by economists. This book shows that Target balances measure overdraft credits between the NCBs that resemble ordinary fiscal credit and which have grown disproportionately, exceeding one billion euros. There is, however, no parliamentary legitimation for the Target balances. The book sheds light on the economic significance of the balances, questions their limitlessness, and addresses controversial views that have been expressed regarding them. It uses the Target statistics to analyze the course of the euro crisis and the ECB's policy reactions from the time of the Lehman bankruptcy up to the outbreak of the Corona crisis. It analyses the credit risks involved for the Eurosystem and concludes with a reform proposal. This book will be of interest to non-specialist economists and policy makers."-- Provided by publisher |
| Bibliography |
Includes bibliographical references and index |
| Notes |
Description based on online resource; title from digital title page (viewed on December 11, 2020) |
| Subject |
Eurosystem Monetary Transmission Network -- History
|
|
Banks and banking, Central -- European Union countries
|
|
Global Financial Crisis, 2008-2009.
|
|
Financial statements -- Standards -- European Union countries
|
|
Banks and banking, Central.
|
|
Financial statements -- Standards.
|
|
European Union countries.
|
| Genre/Form |
History.
|
| Form |
Electronic book
|
| ISBN |
9783030501709 |
|
3030501701 |
|
